Commonwealth Bank’s (CBA) first PERLS security was issued in 2001 at $200. They paid distributions at 1.85% above BBSW and the first exchange date was in April 2006. Its ASX code was “CPAPA”, a code which was re-used in 2009 by the PERLS 5 and the source of some confusion ever since. In a surprise move, CBA has decided to issue a new series of ASX-listed hybrid securities, the tenth...